Earnings per share and shareholders' equity

12 Months Ended

Dec. 31, 2025

Earnings per share and shareholders’ equity

Basic earnings per share is computed by dividing net income attributable to the Company by the weighted-

average number of shares outstanding during the applicable period. Diluted earnings per share is computed

by dividing net income attributable to the Company by the total of the weighted-average number of shares

outstanding during the applicable period, plus the effect of dilutive securities. The computation of diluted

earnings per share excludes the effect of the potential exercise of share-based awards, when the effect of

the potential exercise would be antidilutive. For the years ended December 31, 2025, 2024 and 2023, the

Company did not have any share-based awards that had an antidilutive effect on earnings per share.

On the Separation and Distribution Date, Holcim distributed 553,082,069 shares in the Company to Holcim

shareholders in connection with the Spin-Off. This amount is based on 566,875,513 Holcim shares

outstanding at the Separation and Distribution Date. The 13,793,444 shares in the Company, which were not

distributed to Holcim shareholders in connection with the Spin-Off, were contributed from Holcim to the

Company as treasury stock. The treasury stock was contributed for no consideration and is recorded on the

balance sheet with no cost basis. The calculation for basic and diluted earnings per share for any period

presented prior to the Spin-Off were based on the number of shares outstanding on the Separation and

Distribution Date and have been retrospectively presented. For periods prior to the Spin-Off, there are no

dilutive equity instruments as there were no Company share-based awards outstanding at the time.

The calculation of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and

2023 was as follows:


	For the years ended December 31,
(In millions, except per share data)	2025	2024	2023
Numerator:
Net income	$1,182	$1,273	$955
Net loss attributable to noncontrolling interest	3	1	1
Net income attributable to the Company	$1,185	$1,274	$956
Denominator:
Basic weighted-average number of shares outstanding	553.1	553.1	553.1
Dilutive effect of share-based awards	0.5	—	—
Diluted weighted-average number of shares outstanding	553.6	553.1	553.1

Earnings per share
Basic	$2.14	$2.30	$1.73
Diluted	$2.14	$2.30	$1.73